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Cryptocurrency Market Maker GSR Implements Layoffs Amidst Bonus Disappointment

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According to reports, according to people familiar with the matter, GSR, a cryptocurrency market maker, has implemented further layoffs, affecting 5% to 10% of…

Cryptocurrency Market Maker GSR Implements Layoffs Amidst Bonus Disappointment

According to reports, according to people familiar with the matter, GSR, a cryptocurrency market maker, has implemented further layoffs, affecting 5% to 10% of its employees. Two of the sources said that the reduction was close to 5%, not 10%. However, according to another person familiar with the matter, some employees also resigned voluntarily due to the lower than expected bonus in January.

GSR, a crypto-market maker, has another layoff of at least 5%

Interpretation of the news:


As reported by insider sources, cryptocurrency market maker, GSR, has recently implemented further layoffs, affecting roughly 5% to 10% of their workforce. Two of the sources mentioned that the reduction was closer to 5%, whereas, according to another insider, some employees have also voluntarily resigned due to the lower-than-expected bonus they received in January.

Looking at the situation, it seems that GSR is going through a restructuring phase amidst the challenging times in the crypto markets. Cryptocurrency has been experiencing high volatility and uncertainty recently. The sudden changes in the market have led to a lot of worries and concerns regarding the future of crypto. As a market maker, GSR’s role is to facilitate trades of cryptocurrencies like Bitcoin, Ethereum, and others by buying and selling them in large amounts. They make profits by providing liquidity and taking advantage of the volatility that exists in the crypto market.

Given the current state of crypto, it is understandable why GSR has had to reduce their workforce. With low trading volumes, the need for fewer traders and support staff arises. It is also possible that the laid-off employees may have been involved in functions that were no longer required, considering the current market environment.

The other factor that resulted in the GSR layoffs is the low bonus distributed to their employees in January. Cryptocurrency and blockchain companies generally offer incentives like stock options or Bitcoin/eth to their employees rather than cash bonuses. So, the low bonus payout could have been due to the market conditions and challenges faced by GSR.

In conclusion, the downside of an industry that operates in such an unpredictable environment is that job cuts become inevitable for companies to stay afloat. The crypto market crash of 2018 led to similar layoffs and downsizing in numerous companies. However, it is also essential to remember that the market moves in cycles and things can change quickly. For now, companies like GSR are taking measures to adjust to the current dynamic market conditions.

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